PaperlinX Limited (ASX:PPX) should trade higher after reporting a statutory loss after tax of $63.6 million for the year ended 30 June 2014, compared to a loss of $92.8 million for the prior corresponding period.
The underlying EBIT loss of $7 million is a significant improvement over the prior period loss of $24.2 million, and notably, the second half of the 2014 financial year delivered a positive underlying EBIT of $2.6 million.
Continuing revenue of $2.83 billion grew 2% from $2.78 billion, and positive operating cash flow of $50.7 million compared to a cash outflow of $41.7 million in the previous corresponding period, largely due to improvement in working capital management and earnings.
This resulted in net debt at year end being at an historical low of $93.7 million, compared to $122.7 million in the previous corresponding period.
Worldwide, trading conditions in PaperlinX's core paper markets remain challenging and the company continues to redefine its merchant model and focus on growing diversified businesses.
The company is capitalised at around $28 million.
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